Bank of America Corp. (BAC: Quote) is rising 0.63 percent to $7.97. The company swung to a profit in its second quarter and its earnings per share were above Wall Street view. Total revenue, net of interest expense, jumped from the year-ago quarter, but missed the consensus estimate.
VIVUS Inc. (VVUS: Quote) is gaining 17 percent to $31.02 based on the news that the FDA has approved its weight loss drug Qsymia. Qsymia, formerly known as Qnexa, has been approved for use in adults who are obese or overweight with at least one weight-related condition such as high blood pressure, type 2 diabetes, or high cholesterol. Arena Pharmaceuticals, Inc. (ARNA: Quote) is down 7 percent to $10.28.
St. Jude Medical, Inc. (STJ: Quote) is up over 1 percent to $39.98. The company's second quarter profit improved from the prior year period and its adjusted earnings per share topped Wall Street view by a penny. However, net sales declined from the year-ago quarter and missed the consensus estimate. The company expects its third quarter adjusted earnings per share below analysts' estimate and also lowered its adjusted net earnings forecast for the full-year 2012.
Rovi Corp. (ROVI: Quote) is plunging 26 percent to $13.10. The company reported preliminary second quarter revenue, which is lower than the year-ago period. The company also expects non-GAAP adjusted pro forma earnings per share for the quarter sharply below Wall Street view. Additionally, the company also lowered its full-year forecast. While a decline in ACP revenues was anticipated, the company noted that several other factors are expected to negatively impact its business to an extent not previously expected.
Intel Corp. (INTC: Quote) is down 1 percent to $25.10. The company's second quarter profit declined from the comparable period a year-ago. Net revenue improved from the year-ago period, but missed the consensus estimate by a whisker. The company lowered its revenue growth forecast for the full-year.
Infinity Pharmaceuticals, Inc. (INFI: Quote) is down over 11 percent to $13.00. The company announced the termination of agreements with Mundipharma International and Purdue Pharmaceutical Products L.P. With this restructuring, Infinity regains worldwide rights for its PI3K program, its FAAH program and its early discovery programs, and Mundipharma will no longer provide research and development funding to the company.
American Capital Agency Corp. (AGNC: Quote) is falling over 2 percent to $34.46. The company announced that it plans to make a public offering of 32 million shares of its common stock.
Trading in shares of Air Methods Corp. (AIRM: Quote) was halted.
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by RTT Staff Writer
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